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General Instructions:
i. This question paper contains Two parts A & B. Both the parts are compulsory for all.
ii. All parts of questions should be attempted at one place.
iii. Part A contains 16 Questions of which. Question 1 to 4 are carry 1 marks each. Question 5 to 9
are carry 3 marks each. Question 10 and 13 are carry 4 marks each. Question 14 to 15 are carry
6 marks each. Question 16 are carry 8 marks each.
iv. Part B 17 to 24 question of which. Question 17 and 18 are carry 1 marks each. Question 19 are
carry 3 marks each. Question 20 are carry 4 marks each. Question 21 to 23 are carry 6 marks
each. Question 24 are carry 8 marks each. All parts of a question should be attempted at one
place.
Part – A
Financial Account - I
To _______ .......
To ______
(Being goods Purchased from Viraaj Rekhi Rs.20,000 and .......
paid 40% through Net Banking)
To ______
(Being Goods sold to Mrs. Mundra for Rs.15,000 and .......
received 1/3rd amount in cash)
To ______
.......
(Being Rent paid to Ramesh Rs.4,000 by cheque)
To _______
.......
(Being commission received Rs.3,000 in cash)
12. Vinod has the following transactions. Show the accounting equation for the same:
i. Commenced business with cash Rs.3,00,000.
ii. Purchased goods for cash Rs.80,000.
iii. Purchased machinery on credit Rs.1,25,000.
iv. Purchased old car for personal use for Rs.1,00,000.
13. On 1st January, 2014, A drew a bill on B for Rs.10,000 payable after 3 months. B accepted the
bill and returned it to A. After 10 days, A endorsed the bill to his creditor, C. On the due date,
the bill was dishonoured and C paid Rs.200 as noting charges. Record the transactions in the
books of A, B and C.
14. Prepare a Bank Reconciliation Statement on 31 March 2004 for the following when debit
balance of pass book is Rs.10,000:
i. Cheque amounting to Rs.8,000 drawn on 25th of March of which cheques of Rs.5,000
cashed in April 2004.
ii. Cheques paid into Bank for collection to Rs.5,000 but cheques of Rs.2,200 could only be
collected in March 2004..
iii. Bank charges Rs.25 and dividend of Rs.350 on investment collected by bank could not be
shown in cash book.
iv. A cheque of Rs.600 debited in cash book omitted to be banked.
15. Give Rectified Entries for the following errors:
i. Cash paid to Vinod Rs.3,800 is recorded as Rs.8,300
ii. Rs.6,600 paid to Mohan is debited to Rohan’s Account
iii. Sold goods to Vinod Rs.950 entered in sales book as Rs.590
iv. Rent paid to Landlord Rs.2,000 is debited to Landlord’s account
16. “Vinod” Engineering Works purchased a machine on 1st April 2001 for Rs.1,80,000 and
spent Rs.20,000 on its installation.
On 1st January 2002, it purchased another machine for Rs.2,40,000. On 1st July 2003, the
machine purchased on 1st April, 2001 was sold for Rs.1,45,000. On 1st October, 2003
another machine was purchased for Rs.4,00,000.
Prepare Machinery Account from 2001 to 2003 after charging depreciation @ 10% p.a. by
diminishing balance method. Accounts are closed on 31st December every year.
OR
Vinod Ltd., purchased a Plant on 1st April, 2005 for Rs.15,000. It purchased another plant
on 1st October, 2005 costing Rs.20,000 and on 1st July, 2006 costing Rs.30,000. On 1st
January, 2007 the Plant purchased on 1st April, 2005 became useless and was sold for
Rs.2,000. Show Plant Account charging 10% p.a. depreciation by fixed instalment method for
four years. The plant purchased on 1st October, 2005 was sold for Rs.8,000 on 1st January,
2008. Accounts of the company are closed on 31st December each year.
Part – B
Financial Account - II
17. Can a limited company maintain its accounts under single entry system?
18. Mention any two examples of capital expenditure.
19. Vinod who keeps his books on single entry, tells you that his capital on 31 Dec.2017 was
Rs.18,700 and his capital on 1-1-2018 was Rs.19,200. He further informs you that during the
year he withdrew for his household purposes Rs.8,420. He once sold his investments of
Rs.2,000 at 2% premium and brought that money into the business. You are required to prepare
a statement of profit & loss.
20. What are the main advantages of computerized system over manual system?
21. Vinod maintains his account on Single Entry System. Calculate his profit on 31st March,
2013 from the following information:
Debtors 80,000
Salaries 6,000
Bank charges 75
Discount 350
Returns 1,000
Purchases 60,000
Adjustments:
i. Stock in hand at the end.35,000.
ii. Charge 20% of the advertisement this year.
iii. Charge interest on loan given to Ram @ 9% p.a.
iv. Create 5% provision for bad and doubtful debts.
OR
From the following Trial Balance of M/s.Vinod and Sons as on 31st December. 2009,
prepare Trading and Profit & Loss Account and Balance Sheet.
Wages 1,250
Insurance 1,000
Carriage 750
Discount 300
Debtors 10,000
Machinery 7,000
Building 10,000
Adjustments:
i. Stock in hand on 31-12-2009 Rs.12,300.
ii. Outstanding wages Rs.200 and Salaries Rs.100.
iii. Accrued Commission Rs.300.
iv. Create 5% provision for bad and doubtful debts.
v. Charge 10% depreciation on Machinery.
CBSE Class 11 Accountancy
Sample Paper - 2
For CBSE Examination March 2019
Solutions
1. Book keeping is a part of accounting which is concerned with identifying the financial
transactions, measuring them in terms of money, recording and classifying the same.
2. A source document is a written document which is treated as an evidence in support of a
financial transaction.
3. Examples of Liquid Assets are: Cash In hand, Bank Balance and Cheques in hand etc.
4. Closing stock is valued at lower of cost or market price due to the Prudence Principle of
Accounting.
5. i. Examples of Provisions: (i) Provision for Tax (ii) Provision for doubtful debts (iii)
Provision for depreciation
ii. Example of Reserves: General Reserve, Capital Reserve, Contingency Reserve etc.
6. Advantages of Double Entry System are:
a. It helps to keep a complete and systematic record of all business transactions.
b. Since both the aspects of a transaction are recorded under this system, it facilitates a
check on the arithmetical accuracy of the accounting books.
c. It reveals the results of business activities. By preparing trading and profit and loss
account, profit earned or loss suffered by the business is ascertained.
7. Journal Entries
i. Accrued Interest A/c Dr. 5,000 and Interest A/c Cr. 5,000.
ii. Rent A/c Dr. 4,000 and Rent outstanding A/c Cr. 4,000.
iii. Prepaid Rent A/c Dr. 6,000 and Rent A/c Cr. 6,000.
8. Objectives of IFRS:
i. To develop accounting standard of high quality which are understandable,
transparent, comparable and enforceable.
ii. To promote the use and rigorous application of those standards.
iii. To provide help and support to the small and medium size entities.
9. Going Concern Assumption: This assumption assumes that every business has a long and
indefinite life. Since financial statements are prepared on the basis of this assumption, all fixed
assets are shown in the books at their cost ignoring their market value. In fact
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market value of a fixed asset has no relevance under this assumption, since these assets are
acquired for continuous use in the business and not to sell them at a profit. It is a gain even
though they may be unsaleable.
Matching Principle: This principle states that it is necessary to charge all the expenses incurred
to earn revenue during the accounting period against that revenue, in order to ascertain the net
income or trading results of the business. The matching principle which is so closely related to
accrual principle and accounting period principle helps a businessman in realising his objective
i.e. in ascertaining the trading results or profit or loss from the business.
Date Particulars L.F Cash Bank Date Particulars L.F Cash Bank
6 To Bank C 50 6 By cash C 50
8 To X 125 7 By stationery 10
12 To Z 175 10 By freight 33
To Viraaj Rekhi
(Being goods Purchased from Viraaj Rekhi Rs.20,000 and 12,000
paid 40% through Net Banking)
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To Sales A/c
(Being Goods sold to Mr. Mundra for Rs.15,000 and 15,000
received 1/3rd amount in cash)
To Bank A/c
4,000
(Being Rent paid to Ramesh Rs.4,000 by cheque)
To B
10,000
(Being acceptance received)
B Dr. 10,200
April 14
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To C
10,200
(Being bill dishonoured and noting charges paid by C)
B's Journal
To Bills Payable
10,000
(Being acceptance given)
To A
10,000
(Being bill dishonoured and noting charges paid)
C's Journal
To A
10,000
(Being bills received from A)
To Cash A/c
200
(Being bill dishonoured and noting charges paid)
(+( (-)
Particulars
Amount Rs. Amount Rs.
4. Bank charges 25
2001 2001
To Bank 2,00,000 By Depreciation A/c 15,000
April 1 Dec. 31
2,00,000 2,00,000
2002 2002
To Balance b/d 1,85,000 By Depreciation A/c 42,500
Jan.1 Dec. 31
4,25,000 4,25,000
2003 2003
To Balance b/d 3,82,500 By Bank 1,45,000
Jan. 1 July 1
7,82,500 7,82,500
OR
Machinery Account
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2005 April 1 To Bank 15,000 2005 Dec. 31 By Depreciation A/c 1,625
35,000 35,000
2006 Jan. 1 To Balance b/d 33,375 2006 Dec 31 By Depreciation A/c 5,000
63,375 63,375
58,375 58,375
41,000 41,000
17. No, companies prepare their accounts according to the guidelines of new companies Act.
18. i. Purchase of machinery
ii. Wages paid to workers for setting-up new machinery.
19. Net profit = 18,700 + Drawings 8,420 - Additional capital 2,040 - 19,200 = 5,880
20. i. Speed : It refers to the amount of time taken for accomplishing a task. Computer requires
far less time than human beings in performing a task. Human beings takes second or
minute as unit of
time whereas computer has such a fast speed that the relevant unit of time is fraction
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of a second.
ii. Accuracy : Manual system can never be perfect, it can make some mistakes always but the
computers are extremely accurate. This operations are error free. Most of the errors in
computer system occur because of bad programming erroneous data and deviation from
procedures. These errors are caused by manual system and not by computer system.
iii. Reliability : A man may fell mental and physical fatigue after long working hours but a
computer never get tired like a human being. It can work continuously and does not suffer
from lack of concentration and can perform the joys of repetitive nature any number of times,
in exactly the same way.
iv. Versatility : Manual system also has the versatile nature but in comparison with computer it
is very less. Computer is capable of performing a wide variety of tasks of different nature,
at the same time. It can be used in business, industry, scientific, statistical technological,
communication and so on. Human being can do only limited no. of tasks.
v. Storage or Memory : It comparison of manual system, computer system has large memory,
it can store any volume of information or data for being processed. It can be stored in it on
permanent basis. The information stored in it can also be recalled at any time when
required.
vi. Scientific System : A Computer operates scientifically and never gets emotional while
solving the problems like human beings. Thus, it is clear from the above discussion that
computer systems outperform the manual system.
21. Statement of Affairs (opening)
Furniture 4,000
Stock 2,000
Debtors 6,000
24,000 24,000
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Liabilities Amount Assets Amount
Furniture 4,000
Stock 6,000
Debtors 8,000
26,000 26,000
Calculation of profit.
Capital at the end + Drawings - Additional capital - opening capital
20,000 + 2,000 - 4,000 - 16,000 = 2,000
22. Profit & Loss Account
To Bad Debts
Debtors 80,000
Balance Sheet
Debtors 80,000
79,500
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2. Data processing: The Computer can do various operations on the data, technically it is
known as ‘data processing’. This involves:
i. Performing calculations, such as addition, subtraction, multiplication, division etc.
ii. Performing: Logic functions/comparing data: The computer can perform logic
functions and can compare two numbers or alphabets and arrange them in a desired
sequence.
iii. Editing of Text: In application of word processing, the business documents can be
prepared easily and efficiently.
iv. Graphic action: The computer can draw maps, pictures, designs, etc., for planning and
designing.
v. Production of data : Result can be stored on various devices like tapes, disks etc., can
be printed on paper or can be displayed.
24. Trading Account
2,11,000 2,11,000
To Bank Charges 75
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To Discount 350
1,13,325 1,13,325
Balance Sheet
1,68,050 1,68,050
OR
Trading Account
To Carriage 750
67,000 67,000
To Insurance 1,000
To Discount 300
14,400 14,400
Balance Sheet
45,100 45,100
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